Highlights include anti-competitive practices by Apple, delays in flights due to very dense fog in Delhi, Starlink's illegal use in India and possible locations for Manmohan Singh's memorial.
Adani cases assigned to one judge to improve efficiency: CNBC-TV18 reported, that the US Securities and Exchange Commission (SEC) and the Eastern District of New York have assigned the civil and criminal cases against the Adani Group to a single judge in a US court rather than "combining" them.
Adani says India remains strong in a disruptive world order: In a New Year address to his employees, Adani Group chair Gautam Adani said that amid global uncertainties and disruptions, India continues to remain resilient, with its potential shining brighter than before.
CCI confirms anti-competitive practices by Apple: The Competition Commission of India (CCI) has confirmed violations of competition law by Apple Inc. over mandatory in-app payment systems and high commissions, with final adjudication pending. Meanwhile, Apple has agreed to a $95 million settlement in a US lawsuit accusing it of using Siri to record conversations without users' consent, with affected consumers eligible for up to $20 per device.
Infosys, TCS top beneficiaries of H-1B: Infosys, TCS and HCLTech together with Cognizant collectively amount to more than 41% of the H-1B visa beneficiaries approved till September 30.
Bharat BillPay for businesses set for March debut: The National Payments Corporation of India (NPCI) plans to launch Bharat BillPay for Business by March, allowing companies to manage business-to-business (B2B) payments, reports Business Standard.
Lloyd Metals and Energy grants stock options to wage workers: On Thursday, Lloyd Metals and Energy granted stock options to its 6,000 workers, a majority of wage workers doing manual work in mines or factories. Some of these workers are former Maoists who laid down arms to look for steady income.
Sarovar to open 15 hotels worldwide in 2025: Sarovar Hotels Chairman Ajay K Bakaya announced the Group will open Nepal’s largest hotel under the Royal Tulip brand. The Group will open 15 hotels in India and abroad in 2025.
Pre-leasing gains traction in metropolitan office markets: Pre-leasing activity by flexible workspace providers surged in 2024, driven by a 5% rise in rents and an 80-basis-point drop in vacancy rates as demand outpaced supply in cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR.
Major start-ups gear up for 2025 public listings: Around 25 start-ups, including Ather Energy, Zepto, and PhysicsWallah, are preparing for public listings in 2025, almost doubling 2024's $3.4 billion IPO total. Strong interest from domestic and foreign investors reflects bullish market trends.
Vedanta seeks $1 billion to refinance debt: Vedanta Resources plans to raise $1 billion to refinance high-yield bonds, aiming for a credit rating upgrade and single-digit borrowing costs, reports The Economic Times.
Seizure of Starlink devices sparks security concerns over unlawful use: The Times of India reports that Starlink satellite communication devices were found with smugglers and insurgents in recent raids, raising alarms with the Ministry of Home Affairs and the Department of Telecommunications. Starlink has declined to share user details, citing data privacy laws, amid ongoing scrutiny over its pending licence application.
Defence sector urged to align with cutting-edge tech and private sector: Defence Minister Rajnath Singh called on the Defence Research and Development Organisation (DRDO) to focus on advanced technology, private sector collaboration, and integrating start-ups into research, aiming to complete 100 critical projects by 2025.
New tax ruling tightens rules for family trusts: A recent tax tribunal ruling subjects family trusts to immediate taxation if trustees retain the option to include non-relatives as future beneficiaries, raising concerns for succession planning flexibility.
Finance Ministry to ease spending caps for select departments: The Finance Ministry may allow certain departments to exceed quarterly expenditure limits in the January-March quarter to counter slow capital spending, according to The Hindu Business Line.
Private capex revival unlikely in 2025, says RBI survey: Over half the respondents in the Reserve Bank of India’s (RBI) Systemic Risk Survey predict no revival in private capital expenditure in 2025, despite Governor Sanjay Malhotra’s optimism of economic growth recovery.
SEBI bars Ketan Parekh over front-running scandal: The Securities and Exchange Board of India (SEBI) barred stock market operator Ketan Parekh and two other entities from trading for their role in a front-running scheme. The regulator impounded ₹65.77 crore ($7.9 million) gained through trades involving a $2.5 trillion US-based fund house.
Quality control orders hurting jobs in the textile industry: In its pre-Budget memorandum to the Finance Ministry, the Confederation of Indian Textile Industry (CITI) claimed that the Quality Control Order (QCO) on essential input materials for the domestic textile industry is hurting jobs because it makes the downstream industry less competitive and makes it harder to obtain raw materials.
US National Security Advisor to visit India: In order to assess the India-US Initiative on Critical and Emerging Technologies (iCET), US National Security Advisor Jake Sullivan is scheduled to travel to India early next week.
Centre identifies two locations for Manmohan Singh’s memorial: The Centre has chosen two locations close to Rajghat to serve as former Prime Minister Manmohan Singh's memorial. The government is likely to suggest a portion of Vijay Ghat, the memorial for former prime minister Lal Bahadur Shastri, or Ekta Sthal, the memorial for former President Giani Zail Singh.
2025, a banner year for the travel industry: Due to advanced booking trends in the country, the travel industry is preparing for a banner year in 2025. Maha Kumbh Mela in Uttar Pradesh is set to kick off the new year on a high for the travel industry. The Economic Times reports bookings are expected to be strong for travel during the summer period and beyond as well.
NRI deposits record 10-year high: According to Reserve Bank of India (RBI) figures, the total amount of outstanding NRI deposits as of October was $162.7 billion, representing a 13.4% annual rise. Its external account with NRI deposits in scheduled commercial banks has reached a 10-year high thanks to the interest rate difference between India and international markets.
Delhi Police uncover cross-border illegal immigration nexus: Delhi Police arrested four individuals, including two Bangladeshi nationals, for facilitating illegal immigration and forging documents, as part of a special crackdown ordered by Lieutenant-Governor VK Saxena.
ModiWatch: On Thursday, Prime Minister Narendra Modi sent a ceremonial Chadar (shawl) to the Ajmer Sharif Dargah for the Urs of Khwaja Moinuddin Chishti, reflecting a gesture of respect for spiritual heritage.
PM Modi will address a rally at Japanese Park in Delhi on Sunday. He is likely to make political announcements that will set BJP’s agenda for the Delhi election. The Times of India reported that he is likely to unveil a package for women which may surpass the Aam Aadmi Party’s package of ₹2,100.
On Friday, PM Modi will officially launch and lay the groundwork for several projects in the city, such as the CBSE integrated complex in Dwarka and 1,675 apartments constructed for slum dwellers.
Delhi Today: Hazy; air quality will be very unhealthy.
Dense fog in Delhi: PTI reported that over 100 flights were delayed at the Delhi airport on Friday morning due to very dense fog as the cold wave intensified across north India. On Thursday, visibility at Delhi Airport dropped to 0 for a few hours affecting 300 flights. Delhi Airport also issued a warning that non-CAT III compliant flights would be affected due to the high levels of fog.
Pollutant levels in Delhi-NCR surpasses WHO safe limits: Annual averages of PM2.5, PM10, nitrogen dioxide (NO2), and ozone in Delhi-NCR rose significantly in 2024, surpassing both national and World Health Organization (WHO) safe limits.
